A strong performance from JP Morganâs equity capital markets business has pushed it to the top of the Financial News European investment banking league table for the first six months of the year.

The bank ended the first half second in European ECM with a 10% share of the market, while its fifth-place finish in the M&A market also drove it up the combined league table, which includes debt capital market volumes, according to data provider Dealogic.

Banks are making record revenues in the M&A market as the value of announced transactions has broken though the $1 trillion mark (€740bn) following a rise in the number of megadeals and is expected to break the highs set last year.

Announced M&A in Europe for this year has reached $1.3 trillion, up from $761bn at the same time last year, according to data provider Thomson Financial.

The highest value of announced European deals, set last year, was $1.5 trillion.
While JP Morgan leads the way in the European investment banking league table, Citi and UBS lie in second and third places.

Citi was the only bank in Europe to finish in a top-four position in the M&A, debt and equity markets. Despite a poor first six months by historic standards in the debt markets, where it finished 12th, UBS closed the first half in second place in European M&A and fifth in European equities.

ABN Amro, the subject of a takeover battle between Barclays and a consortium led by Royal Bank of Scotland, finished 10th in Europe, despite concerns among analysts that the value of the wholesale bank is being eroded as the bid drags on.

The Financial News table is slanted towards advisory work because the M&A tables double-count the value of deals – many banks are awarded league table credit for working on the same transaction.

This year has been dominated by the $100bn battle for control of Dutch banking group ABN Amro. Also in the banking sector, Italy’s UniCredit agreed to buy domestic rival Capitalia for $29.5bn. Other landmark transactions include Italian utility Enel and Spanish construction company Acciona, which have offered $59.4bn for Spain’s Endesa.

Kohlberg Kravis Roberts, a US private equity company, bought Alliance Boots, a UK healthcare chain, for $21.4bn in March. Also in the UK, Reuters, a media group, was targeted by Canadian-based rival Thomson Financial in a transaction worth $18.2bn.

Goldman Sachs has been the top adviser for mergers and acquisitions transactions in Europe this year. The US bank, which climbed from fourth in the corresponding period last year, advised on $401bn-worth of transactions.

Morgan Stanley, the top adviser halfway through the year, slumped to sixth overall, although it was joint top of the earners, alongside Goldman. Both banks were paid $713m for their M&A advisory work in Europe.